Pharmaceutical companies Galen and Barr this morning announced that they have closed two out of the three parts of their outstanding deal originally announced last September, which was under FTC review.
Firstly, Galen has sold exclusive rights in the US and Canada for its Loestrin and Loestrin FE oral contraceptive products to Barr Pharmaceuticals for $45m (€37.1m).
Secondly, Barr has granted Galen the option for $1m (€0.8m), up front, to an exclusive five-year licence for Barr's generic version of Ovcon, for which it has an abbreviated new drug application in with the FDA. Galen will pay Barr a further $19m (€15.6m) at the time the option is exercised.
Galen said what remains outstanding is the settlement of Barr's patent challenges to Estrostep and Femhrthormone oral contraceptive products, which, if completed, would allow Barr Laboratories to launch generic versions of those products under the terms of a non-exclusive licence six months prior to patent expiry.